Long-term mortgage rate hits 6.22%, hovering near its low for the year

Group 1 - The average long-term mortgage rate increased to 6.22% from 6.19% last week, compared to 6.6% a year ago [1] - The average rate for 15-year fixed-rate mortgages rose to 5.54% from 5.44% last week, while it was 5.84% a year ago [1] Group 2 - Mortgage rates are influenced by the Federal Reserve's interest rate policy, bond market investors' expectations for the economy, and inflation [2] - Mortgage rates generally follow the trajectory of the 10-year Treasury yield, which is used by lenders to price home loans [2]